N1.3Bn Debt: AMCON Seizes Inducon Nig Ltd’s Assets

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An asset belonging to John Warimeme Abebe, the chief promoter of Inducon Nigeria Limited, has been taken over by the Asset Management Corporation of Nigeria (AMCON) over an indebtedness of N1.3 billion.

The corporation informed in a statement issued by Jude Nwauzor, head, corporate communications, that the action was carried out in compliance with a court order by Justice Aikawa of the Federal High clCourt in Lagos through its debt recovery agent – Ogunsola Shonibare.

The affected property is situated at Plot 12, Block 108 Lekki Peninsula Residential Scheme, Lagos.

It said the court also ordered that the bank accounts of the company and its directors— Abebe, Olawole Fatimilehin and Ademola Buraimoh, be frozen pending the final determination of the suit.

Read the statement: “The case of Inducon Nigeria and its promoters has been interminable shortly after AMCON purchased the loan during the first phase of Eligible Bank Asset (EBA) purchases from the defunct FinBank (now FCMB) since 2011.

“Since the purchase, AMCON has offered the obligor (Abebe) several concessions and explored all avenues to resolve the debt harmoniously, but the obligor and his company have remained recalcitrant and unenthusiastic to repay the huge debt to AMCON.

“They have consistently reneged on several promises they made in the past during negotiations”.

The debt recovery agency said it had to evoke its asset tracing powers granted it under the AMCON (amendment No. 2) act, 2019 due to Abebe’s unwillingness to repay back the loan.

Nwauzor said the enforcement option was usually the last resort for AMCON.

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